Moscow invites BRICS partners to invest in rebuilding post-war Syria

Russia has invited its partners among the BRICS nations (Brazil, India, China and South Africa) to establish a foothold in the promising Syrian market, according to the Russian Ambassador to the country, Alexander Kinshchak.

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“According to Syrian estimates, losses in the real sector of the economy topped $75 billion,” the ambassador told TASS news agency. “UN experts believe that it will take nearly $200 billion to achieve the pre-crisis GDP growth rate,” he added.

“We are aware that the Syrian government will find it difficult to obtain a huge amount of money required for the post-crisis recovery,” Kinshchak explained.

“Therefore, Russia suggested that the international community, first of all, the nations friendly to Syria, should join efforts in order to work out a complex program for its revival,” he added.

Kinshchak said Russia was looking to BRICS and allies like Iran and other states that have independent foreign policies and are motivated to gain a foothold in the promising Syrian market.

In 2016, Damascus and Moscow signed nearly a billion dollars’ worth of agreements to rebuild war-torn Syria. Russia was offered a chance to participate in exploring and developing oil and gas on land and offshore. In particular, it was invited to upgrade the Baniyas refinery and construct a refinery with Iran and Venezuela.

Syria has begun agricultural exports to Russia. The countries also intend to open a bank to facilitate transfers. The bank would be controlled 50-50 by the countries’ central banks.